US - Lubbock, TX
A$15,129,000 | 6,548 m²
Brunswick Square Mall (the “Property” or “Mall”) is a single level, regional mall located on the west side of State Route 18, approximately 4.0 miles south of the New Jersey Turnpike (I-95), at exit 9, in East Brunswick, New Jersey. The Property is situated on approximately 75.98 acres (39.50 owned) and consists of 755,160 square feet (“SF”), including anchors Macy’s (244,00 SF, non-owned), JCPenney (223,626 SF, non-owned), and AMC Theatres (50,777 SF, owned) which comprise 518,402 SF or approximately 67.4% of the total GLA.
IMPRESSIVE SMALL SHOP AND OVERALL OCCUPANCY
Brunswick Square is currently 97.7% occupied overall, with small shop occupancy of 94.1%, demonstrating extraordinary strength in retailer demand at the Property and highlighting its desirable position in the trade area.
HEALTHY INLINE OCCUPANCY COST
Small shop tenants have an average occupancy cost of 11.3%, within the range of sustainable occupancy costs for a regional mall generating comparable sales in the $350/SF range.
CONSISTENT SALES PRODUCTIVITY
Inline tenants at Brunswick Square have consistently generated
comparable sales in the $325 - $350/SF range, with average small shop comparable sales of $335/SF for the T-12 period ending November 2022.
POSITIVE LEASING MOMENTUM
Brunswick Square continues to enjoy considerable positive leasing momentum, adding notable new tenants Rainbow, Twisted Crab Seafood and Bar, The Habit Burger Grill and Results Boxing and Fitness over the past 12 months - totaling approximately 25,086 square feet of occupancy. Notable renewals during this same time-frame, including AMC’s 5-year
extension and Panera’s 5-year option at a 10% premium to its prior rent, highlight the Property’s competitive position in the market.
While Brunswick Square is currently 97.7% occupied, 9 well-located suites and kiosks totaling 17,272 SF are available for lease, offering considerable immediate upside potential. An additional 20 suites, comprising approximately 49,163, are currently occupied on a specialty leasing basis and represent a substantial premium on gross rental rates upon conversion to permanent tenancy.
Situated along State Route 18 (~52,840 VPD) in a primarily residential area, Brunswick Square benefits from a high traffic, in-fill location that is easily accessible from throughout the trade area.
HIGHLY DESIRABLE TRADE AREA CHARACTERISTICS
The Property’s trade area boasts an exceptional demographic profile with more than 783,000 residents within a 10-mile radius. Average household income within this area is ~$139,000, with more than 50% of households having income greater than $100,000.